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LONG-TERM COMPENSATION PLANS
 12 Months Ended
Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]  
LONG-TERM COMPENSATION PLANS LONG-TERM COMPENSATION PLANSIn June 2014, the Company's stockholders adopted the 2013 Plan in connection which a maximum of 15,500,000 shares of common stock were reserved and made available for issuance.
For 2022, 2021 and 2020, compensation expense associated with the Company's long-term compensation plans was as follows:
Year Ended December 31,
  (dollars in millions)
202220212020
Equity classified RSUs$17.4 $39.6 $4.2 
Liability classified RSUs— — 0.9 
Stock options0.3 0.5 0.9 
Total
$17.7 $40.1 $6.0 
Unrecognized compensation expense for awards expected to vest$19.2 
Weighted average remaining vesting period (months)30
At December 31, 2022, a total of 7,820,000 shares of common stock had been issued, and 4,289,420 RSUs and stock options were outstanding, under the 2013 Plan.
TotalEquity Classified RSUsStock Options
Outstanding at December 31, 20214,589,005 4,195,432 393,573 
Granted2,847,135 2,847,135 — 
Exercised/Issued (3,045,949)(3,040,166)(5,783)
Forfeited(100,771)(100,771)— 
Outstanding at December 31, 20224,289,420 3,901,630 387,790 

The total fair value of RSUs which vested during 2022, 2021 and 2020 was $70.8 million, $7.0 million and $9.7 million respectively, based on the stock price on the date of vest.
Equity Classified RSUs
The Company granted the following equity classified RSUs under the 2013 Plan:
Year of Issuance:RSUsWeighted Average Grant Date Fair ValueWeighted Average Vesting Period (months)
20222,847,135 $23.23 51
2021852,890 $18.02 28
20201,500,783 $11.45 32
Certain of the RSUs granted during the period contain performance vesting conditions in addition to a service vesting condition. RSUs granted with service or performance vesting conditions were valued at the grant date stock price. Certain RSUs with performance vesting conditions also contain provisions for additional share awards in the event certain performance conditions are met at the end of the applicable measurement periods. These conditions are generally based on Adjusted EBITDA, Adjusted earnings per share and cash return on investment.
In January 2019, certain key executives were granted performance-based RSUs, which vesting was subject to the achievement by the Company of a performance target of Adjusted earnings per share of $1.36 in any fiscal year ending on or before December 31, 2022, and continuous service. There were 2.3 million of these RSUs outstanding at December 31, 2021 with a weighted-average grant date fair value of $25.1 million. Prior to the second quarter of 2021, the Company did not recognize compensation expense for these awards as the achievement of the performance target was not deemed probable. During the second quarter of 2021, the achievement of the performance target became probable, and the Company recorded $23.9 million and $1.3 million of expense for the years ended December 31, 2021 and 2022, respectively, in "Selling, technical, general and administrative " in the Consolidated Statement of Operations.
In February 2022, certain key executives were granted 1.95 million performance-based RSUs with an aggregate fair value of $45.4 million. The vesting of these shares is subject to the achievement by the Company of a performance target of adjusted earnings per share of $2.72 by December 31, 2026, and continuous service. If the performance target is achieved, the actual number of shares vested will be determined by applying a total shareholder return (TSR) multiplier based on the Company's TSR relative to a benchmark index for the performance period. The TSR multiplier will range from 0.85 to 1.15. The Company had not recognized compensation expense for these awards as the achievement of the performance target was not probable at December 31, 2022.
At December 31, 2022, the following equity classified RSUs were outstanding:
December 31, 2022
Vesting Conditions:OutstandingWeighted Average Remaining Vesting Period (months)Potential Additional Awards
Service-based591,298 10— 
Performance-based1,360,332 131,068,475 
Performance-based awards deemed not probable1,950,000 50— 
Total3,901,630 311,068,475 
Stock Options
The Company granted the following qualified and non-qualified stock options under the 2013 Plan:
Year of Issuance:Stock OptionsWeighted Average Strike Price Per ShareWeighted Average Grant Date Fair Value Per Share
2020242,334 $12.25 $4.47 
Stock options vest ratably over a three-year period and have contractual lives of ten years from their respective grant dates.
The fair value of each stock option grant is calculated using the Black-Scholes option pricing model at the grant date. The following table provides the range of assumptions used in valuing stock options for the year ended December 31, 2020:
Year Ended December 31,
2020
Weighted average expected term (years) (1)
6.0
Expected volatility (2)
35.5%
Risk-free rate (3)
1.45%
Expected dividend yield—%
(1) Weighted average expected term is calculated based on the simplified method for plain vanilla options.
(2) Expected volatility is calculated based on a blend of the implied and historical equity volatility of an index of comparable companies over a period equal to the expected term.
(3) Risk-free rate of return is based on an interpolation of U.S. Treasury rates to reflect an expected term of six years at the date of grant.
At December 31, 2022, there were no outstanding stock options which were vested and out-of-the-money. There were 333,939 outstanding stock options, which were vested and in-the-money, with an aggregate intrinsic value of $2.2 million, and 53,851 outstanding stock options, which were unvested, with an aggregate intrinsic value of $0.3 million.